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FCPT Four Corners Property Trust

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.

Company profile

Ticker
FCPT
Exchange
CEO
William Lenehan
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Four Corners GP, LLC • FCPT TRS, LLC • FCPT OP Holdings, LP • Four Corners Operating Partnership, LP • Kerrow Holdings, LLC • Kerrow Restaurants, LLC • FCPT Garden Properties, LLC • FCPT Hospitality Properties, LLC • FCPT International • FCPT Keystone Properties 11, LLC ...

FCPT stock data

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Calendar

5 Aug 21
28 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Oct 21 Brat James L Common Stock Other Acquire J No No 0 115 0 69,600
15 Oct 21 Brat James L Common Stock Other Acquire J No No 0 165 0 69,485
15 Oct 21 Toni S Steele Common Stock Other Acquire J No No 0 62 0 5,645
15 Oct 21 Niccole Stewart Common Stock Other Acquire J No No 0 43 0 24,317
15 Oct 21 Niccole Stewart Common Stock Other Acquire J No No 0 102 0 24,274
15 Oct 21 Hansen Douglas B Common Stock Other Acquire J No No 0 39 0 40,128
15 Oct 21 Moody John S Common Stock Other Acquire J No No 0 58 0 46,363

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

89.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 259 252 +2.8%
Opened positions 30 38 -21.1%
Closed positions 23 36 -36.1%
Increased positions 93 69 +34.8%
Reduced positions 61 76 -19.7%
13F shares
Current Prev Q Change
Total value 1.9B 1.9B -0.0%
Total shares 68.47M 69.07M -0.9%
Total puts 23.3K 36.8K -36.7%
Total calls 20.8K 13.1K +58.8%
Total put/call ratio 1.1 2.8 -60.1%
Largest owners
Shares Value Change
BLK Blackrock 14.14M $390.45M -4.9%
Vanguard 9.02M $248.96M +2.8%
FMR 7.69M $212.28M -11.4%
STT State Street 3.88M $108.45M +3.2%
Nuveen Asset Management 2.01M $55.62M +67.9%
American Century Companies 1.94M $53.68M +15.8%
IVZ Invesco 1.75M $48.35M -3.8%
PFG Principal Financial Group Inc - Registered Shares 1.75M $48.21M +0.2%
Geode Capital Management 1.56M $43.05M +7.8%
WFC Wells Fargo & Co. 1.33M $36.75M -2.5%
Largest transactions
Shares Bought/sold Change
Waterfront Capital Partners 233.97K -1.2M -83.7%
FMR 7.69M -988.74K -11.4%
Nuveen Asset Management 2.01M +814.43K +67.9%
BLK Blackrock 14.14M -723.22K -4.9%
Citadel Advisors 49.25K -600.62K -92.4%
Millennium Management 346.94K -428.11K -55.2%
Guggenheim Capital 443.12K +427.64K +2762.0%
Arrowstreet Capital, Limited Partnership 0 -405.33K EXIT
Hilton Capital Management 388.74K +388.74K NEW
Investment Counselors Of Maryland 1.23M +329.17K +36.4%

Financial report summary

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Risks
  • Risks related to real estate ownership could reduce the value of our properties, which could materially and adversely affect us.
  • We are dependent on Darden to make payments to us and fulfill its obligations under its leases, as well as to provide services to us under the Franchise Agreements, and an event that materially and adversely affects Darden’s business, financial position or results of operations could materially and adversely affect our business, financial position or results of operations.
  • We are dependent on our major tenants successfully operating their businesses, and a failure to do so could have a material adverse effect on our business, financial position or results of operations.
  • Actual or perceived threats associated with epidemics, pandemics or public health crises, including the ongoing COVID-19 pandemic, could have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, cash flow, liquidity and ability to access the capital markets and satisfy debt service obligations and make distributions to our stockholders.
  • A significant portion of our restaurant properties are Olive Garden properties. Therefore, we are subject to risks associated with having a highly concentrated property brand base.
  • We are dependent on the restaurant industry and may be susceptible to the risks associated with it, which could materially adversely affect our business, financial position or results of operations.
  • Our portfolio has some geographic concentration, which makes us more susceptible to adverse events in these areas.
  • We intend to continue to pursue acquisitions of additional properties and seek other strategic opportunities, which may result in the use of a significant amount of management resources or significant costs, including the cost of accessing debt or equity markets, and we may not fully realize the potential benefits of such transactions.
  • Our pursuit of investments in, and acquisitions or development of, additional properties may be unsuccessful or fail to meet our expectations.
  • Inflation may materially and adversely affect us and our tenants.
  • If we are not able to hire, or if we lose, key management personnel, we may not be able to successfully manage our business and achieve our objectives.
  • Failure by our tenants to make rental payments to us, because of a deterioration of their financial condition or otherwise, would have a material adverse effect on us.
  • Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.
  • The failure of any of our tenants to fulfill its maintenance obligations may have a materially adverse effect on our ability to operate and grow our business.
  • We or our tenants may experience uninsured or underinsured losses, which could result in a significant loss of the capital we have invested in a property, decrease anticipated future revenues or cause us to incur unanticipated expense.
  • Our tenants’ businesses and our business through the operation of Kerrow are subject to government regulations and changes in current or future laws or regulations could restrict their ability to operate both their and our business in the manner currently contemplated.
  • Environmental compliance costs and liabilities associated with real estate properties owned by us may materially impair the value of those investments.
  • Our relationship with Darden may adversely affect our ability to do business with third-party restaurant operators and other tenants.
  • Real estate investments are relatively illiquid and provisions in our lease agreements may adversely impact our ability to sell properties and could adversely impact the price at which we can sell the properties.
  • We may be subject to liabilities and costs associated with the impacts of climate change.
  • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unanticipated expenditures that materially adversely impact our cash flow.
  • Our active management and operation of a restaurant business may expose us to potential liabilities beyond those traditionally associated with REITs.
  • We may be vulnerable to security breaches or cyber-attacks which could disrupt our operations and have a material adverse effect on our financial performance and operating results.
  • Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could materially and adversely affect our business and the market price of our common stock.
  • If our reputation or our tenants’ reputation are damaged, our business and operating results may be harmed.
  • Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks.
  • Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.
  • Covenants in our debt agreements may limit our operational flexibility, and a covenant breach or default could materially and adversely affect our business, financial position or results of operations.
  • An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price, and a decrease in market interest rates could lead to additional competition for the acquisition of real estate, which could adversely affect our results of operations.
  • Hedging transactions could have a negative effect on our results of operations.
  • Uncertainty relating to the LIBOR calculation process may adversely impact us.
  • Our charter restricts the ownership and transfer of our outstanding stock, which may have the effect of delaying, deferring or preventing a transaction or change of control of our company.
  • Maryland law and provisions in our charter and bylaws may delay or prevent takeover attempts by third parties and therefore inhibit our stockholders from realizing a premium on their stock.
  • The market price and trading volume of our common stock may be volatile and may face negative pressure including as a result of future sales or distributions of our common stock.
  • We cannot assure shareholders of our ability to pay dividends in the future.
  • If we do not qualify as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.
  • We could fail to qualify as a REIT if income we receive from Darden and other tenants is not treated as qualifying income.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • REIT distribution requirements could adversely affect our ability to execute our business plan.
  • Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Complying with the REIT requirements may cause us to forego otherwise attractive acquisition and business opportunities or liquidate otherwise attractive investments.
  • We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.
  • We may pay dividends on our common stock in common stock and/or cash. Our stockholders may sell shares of our common stock to pay tax on such dividends, placing downward pressure on the market price of our common stock.
  • The ability of our Board of Directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders.
  • Even if we qualify to be subject to tax as a REIT, we could be subject to tax on any unrealized net built-in gains in our assets held before electing to be treated as a REIT.
  • Our tax protection agreement could limit our ability to sell or otherwise dispose of certain properties.
  • Legislative or other actions affecting REITs could have a negative effect on us.
Management Discussion
  • Rental revenue increased $4.1 million, or 10.9%, during the three months ended June 30, 2021 compared to the three months ended June 30, 2020. This increase was due primarily to the net acquisition of 100 leased properties, during the year-over-year period from July 1, 2020 through June 30, 2021. During the three months ended June 30, 2021, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees within rental revenue of $932 thousand as compared to $655 thousand during the three months ended June 30, 2020. These amounts are also recognized in property expenses.
  • We recognize rental income on a straight-line basis to include the effect of base rent escalators, and free rent periods, if any.
  • General and administrative expense is comprised of costs associated with staff, office rent, legal, accounting, information technology, and other professional services and other administrative services in association with our real estate operations and our REIT structure and reporting requirements. General and administrative expenses increased $746 thousand, or 20.1%, in the three months ended June 30, 2021 compared to the three months ended June 30, 2020, primarily due to an increase in compensation-related expenses stemming from a higher head count and benefits costs and stock compensation expense as well as an increase in legal fees related to the amendment of our credit facility.
Content analysis
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H.S. junior Avg
New words: accordion, affirmative, annum, breakage, coverage, customary, defined, entirety, feature, fee, iii, incurrence, iv, leverage, margin, Moody, NaN, occurrence, opened, penalty, Poor, premium, prime, ratio, recourse, restated, syndicated, tangible, thereto, TX, unencumbered, worth, written
Removed: maturing